NEW YORK CITY — Madison Realty Capital (MRC) has provided $37 million in financing for a 92-unit residential conversion project in the Williamsburg neighborhood of Brooklyn. MRC provided financing to the borrower to complete redevelopment of two properties — a church and the adjacent school building, formerly owned by the Roman Catholic Diocese of Brooklyn — and retire existing debt on the property. The 92-unit, 78,773-square-foot project will convert the church building into 38 residential units, while the school building will be repositioned as a 54-unit apartment complex. Rushmore Capital Partners advised on the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $5.4 million sale of 192 Grand St., a 5,849-square-foot multifamily property in Manhattan. Peter Von Der Ahe, Scott Edelstein and Michael Helpern, investment specialists in Marcus & Millichap’s Manhattan office, represented the buyer and seller, both private investors. The property is located at 192 Grand St. between Mulberry and Mott streets in Manhattan’s Little Italy. A local family privately owned the four-story building for more than 50 years. This building features four residential units and one commercial restaurant space.
EVANSTON, ILL. — Essex Realty Group Inc. has arranged $7.3 million the sale of 525 Kedzie St., a newly built, 20-unit multifamily building in suburban Chicago. Originally built as upscale condominiums, the property is situated at the intersection of Kedzie Street and Chicago Avenue in Evanston. The building features floor-to-ceiling windows, an elevator, private balconies, penthouse units with terraces and a 42-space heated parking garage. Budget and Avis Car & Truck Rental leases the commercial space. Jim Darrow and Jordan Gottlieb of Essex were the brokers in the transaction.
DALLAS — A joint venture between investment and management firm Presidium Group and private equity firm Second City Real Estate has acquired the Easton Hills apartment complex, a 282-unit property in the White Rock Lake neighborhood of Dallas. The new ownership will rebrand the asset as The Grove at White Rock and implement a capital improvement program valued at $1.7 million. Enhancements of apartment interiors will include new flooring, hardware, plumbing, lighting fixtures and appliances, while exterior renovations will consist of upgrades to building exteriors, landscaping, community amenities and leasing office and the addition of a fitness center. The property is located at 10429 Lone Tree Lane.
PEORIA, ARIZ. — The 100-unit Sonoma Place in Peoria has sold to Investment Property Exchange Services for $6.5 million. The community is located at 11600 N. 75th Ave. in Greater Phoenix. It was built in 1985. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers’ HSK Multifamily team represented both the buyer and the seller, Mentor Properties, in this transaction.
NORTH MIAMI, FLA. — ARA has arranged the sale of Berkshires at Walden Lake, a 400-unit apartment community located in North Miami. The asset sold for approximately $44.5 million. The apartment community, which was constructed in 1986, was 95 percent occupied at the time of the sale. Hampton Beebe, Avery Klann and Dick Donnellan of ARA’s Boca Raton, Fla., office represented Boston-based Berkshire Property Advisors in the sale. Advenir, a multifamily investor and operator based in Aventura, Fla., purchased Berkshires at Walden Lake.
HARRISONBURG, VA. – Vesper Holdings has acquired University Fields, a 1,152-bed student housing community approximately one-quarter of a mile from the James Madison University campus in Harrisonburg. The community is located across the street from the university’s newer athletic facility, University Park, which opened in 2012. Vesper, a private real estate investment firm based in New York City, purchased the non-performing note on University Fields on Oct. 28 for $19 million. The firm also says it will invest $5 million in capital expenditures to fully renovate University Fields. The community consists entirely of four-bedroom units that range in size from 1,100 to 1,200 square feet, which are housed in 22 three-story residential buildings spread across a 23.6-acre site.
WASHINGTON, D.C. — A group that includes Urban Investment Partners (UIP), PRP LLC and Perseus Realty has acquired Capitol Park Towers, a 289-unit apartment complex in southwest Washington, D.C., for $34 million. The apartment community is located at 301 G St. S.W. The new owners plan to invest in renovations for the apartment complex. UIP General Contracting Inc., a subsidiary of UIP, will perform the renovation work and UIP Property Management Inc. will manage Capitol Park Towers.
ROMEOVILLE, ILL. — The Chicago office of Berkadia Commercial Mortgage LLC has closed a $15.8 million loan through HUD’s 223(f) program for the refinancing of Serenity HighPoint Apartments in suburban Chicago. The 113,000-square-foot affordable housing complex, which is 98 percent occupied, is located in Romeoville. Paul Matusiak, vice president, and Len Deering and Tom Sigrist, senior vice presidents at Berkadia, originated the 35-year loan with a fixed interest rate for borrower Marquette Cos. The community features a 27,000-square-foot community center, operated by the Institute for Community. The center includes after-school daycare, summer day camps and numerous other activities designed to meet the residents’ needs.
OMAHA, NEB. — Q10 | Daisley Ruff Financial has arranged $5 million in permanent financing for the 63-unit phase of Pinhook Flats apartment community in Omaha. Bob Chalupa, senior vice president at Q10 | Daisley Ruff Financial, arranged the 10-year, non-recourse loan that includes a fixed interest rate of 4 percent. Pinhook Flats is located at 6440 Cedar St. in the Aksarben Village area of Omaha.